JESSICA SILVER-GREENBERG, NY Times

New York’s top prosecutor is poised to sue Bank of America and Wells Fargo over claims that they violated terms of a $26 billion mortgage settlement, according to several people briefed on the matter.

Eric T. Schneiderman, New York’s attorney general, paved the way on Monday for a lawsuit against both banks for “repeatedly violating” the terms of the National Mortgage Settlement, a sweeping pact brokered last year between five of the nation’s biggest banks and 49 state attorneys general over foreclosure abuses.

The move by Mr. Schneiderman is the first time that an attorney general has readied a lawsuit against one of the five participating banks for running afoul of the settlement. More attorneys general could follow Mr. Schneiderman’s lead.

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